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The Birmingham-based chain, with nearly 390 stores nationwide, said it would close eight Saks Fifth Avenue stores and three Off 5th stores. Workers will be offered transfers or severance packages, the company said.

CEO Fred Wilson said the stores make up about 7 percent of the company's square footage but less than 4 percent of its revenues.

"These actions will permit our team to focus capital, inventory, and other resources on our most productive units and will further strengthen our brand," he said in a statement.